Crm In Insurance: A Novel Way To Beat The Odds

2109 words - 8 pages

CRM in insurance: A novel way to beat the oddsIn today's dynamic world, the importance of good customer service is becoming more and more apparent. With the blurring up of differences between banking, broking and insurance; coupled with industry consolidations; demutualization; shrinking margins; profitability pressures; and new distribution channels; the insurance companies are being forced to rethink their business models for survival. Today's customers are more sophisticated and are more willing to explore alternatives to traditional insurance products and how they are delivered. The task of getting and keeping customers requires even greater skill and effort. Getting closer to customers and effectively responding to their needs is a great way to boost their loyalty and encourage deeper business relationships. It is also a much more strategic route to success than cutting costs and improving efficiency. As companies engage in the battle to win over a larger share of customers, corporate interests in the concept of customer relationship management (CRM) have grown dramatically. CRM technologies focus on managing all interactions that an organization has with its customers, in order to leverage the data in a variety of business applications.Globally, industry executives are struggling with the complexities of CRM, trying to understand what it can mean for their organizations and how to proceed to adopt appropriate CRM solutions. Combined with challenging economic conditions and continued stiff competition, the insurance industry can no longer operate under one policy model. Instead, it must adopt a new client-centric approach to meet the needs of its customers better. While CRM is not a new process, its evolution over the years has changed the way businesses viewed and interacted with their customers. To the point that many insurance executives are now discovering CRM to be a valuable corporate asset - one that can directly impact their bottomline.Prioritizing Customer ServiceCRM is about continuously improving the quality of interaction and communication with both new and existing customers. The staid bundling philosophy, often justified on the assumption of low awareness level, has given way to a more robust and wide array of products. Insurance providers traditionally concentrated on product creation, with distribution and sales considered a different business focus, and therefore customer relation was not a key concern. But with the evolution of technology, customers are now demanding multiple channels through which they can interact with their providers including face-to-face contact, phone, web sites, e-mail, mobile devices, etc. This has forced the insurance companies to explore new distribution channels, so that the ordinary customer has more information about multiple insurance products than ever before. The challenge to insurance firms is therefore very clear to grow and sustain business by rapidly improving operational efficiencies,...

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